Parent Company owns 70% of Son Company's outstanding stock. During 20X1 Son Company sold land to Parent Company for a gain of $25,000. Parent company held the land all of 20X1. The gain on the sale to Parent should be:

-	a. recorded on Son's books as a gain of $25,000 and then eliminated during the consolidation process.

b. deferred by Son until Parent sells the land to an outside party.

c. recorded on Son's books as a gain of $17,500 and eliminated during the consolidation process.

d. recorded on Parent's book as a gain of $17,500 and eliminated during the consolidation process.